Quick Question - Getting company to accept a DMP proposal for longer than three months

m-holland

Hi folks,

Quick question. I used a CAB template letter to contact the companies to offer a DMP programme that I manage myself. (I would rather do it myself than have another company like StepChange do it)

On of the companies were only willing to stop interest/accept reduced payment for a three month period.

I sent them my SOA so they do have my info.

At the end of the three month period, do you think they will accept that my debts will require a more long term solution, or am I in for a longer fight with them?

Debt is with Aqua Credit Card (NewDay)

sourcrates

Assuming this is going to be a long term strategy, just stop paying until they default you and sell the debt on, that way all the uncertainty is avoided.

Once it gets bought by a debt purchaser, a suitable monthly payment can be put in place with no interest/charges etc.

They will usually accept whatever is offered, and are much easier to deal with than original creditors are.

Defaults give you a clear 6 year window till they are gone, otherwise AP or DMP markers stay a lot longer.

You should do this with all your non priority debts.

Use the money to save a full and final fund for clearing off accounts further down the line.

fatbelly

Sourcrates is giving you better advice that the CA site (and I work for CA).

National Debtline has some very good template letters if you need them

m-holland

ok, im gonna cancel the standing orders tonight.

When they contact me because I havent sent the payment, can I simply ask them to default the account. They have said if I stopped paying the agreed amount they would start adding interest and charges again. (Or should I contact them in advance to let them know?)

Thanks

Suseka97

Just cancel and don't get into any form of protracted conversation.  They may well start adding back interest and charges, but eventually they'll get the picture.  If, after a period of time it continues, you write and complain and push for the default.  Eventually they'll get bored and sell the debt on.  Sometimes it can be a real cat and mouse game - so be the cat !!